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Banking Compliance Regulations in Puerto Rico Pose Significant Challenges for Financial Institutions

Puerto Rico’s complex regulatory landscape has become increasingly daunting for banking and financial institutions operating on the island. Federal and local laws and regulations have created a maze of compliance requirements that require specialized knowledge to navigate. For financial institutions looking to establish or expand their operations in Puerto Rico, it is crucial to have an experienced legal team on board.

Expert Guidance from Ferraiuoli’s Banking and Financial Services Regulation Practice

Ferraiuoli’s Banking and Financial Services Regulation practice offers sophisticated advice on bank regulatory and financial services compliance matters. The firm’s team has extensive experience in this area of law, advising a range of clients from large and small banks, both locally and internationally, as well as the financial services industry at large.

Regulatory Compliance Expertise

The firm assists clients in interpreting and implementing new federal and state laws and regulations, providing guidance on:

  • Consumer and commercial finance issues such as:
    • Deposits
    • Residential and commercial mortgages
    • Auto financing and leasing
    • Lines of credit
    • E-commerce and online banking matters
  • Federal preemption questions
  • Community Reinvestment Act compliance
  • Fair lending and truth-in-lending concerns
  • Securitizations

Regulatory Approvals, Reporting Requirements, and Representation

In addition to advising clients on regulatory approvals and reporting requirements, Ferraiuoli’s team represents financial institutions before local and federal regulators. The firm also provides counsel on:

  • Privacy and security issues, including:
    • Gramm-Leach-Bliley Act
    • Fair Credit Reporting Act
    • Electronic Communications Act
    • CAN-SPAM Act compliance

Recent Representative Matters and Transactions

Some recent representative matters and transactions include:

  • Represented a financial institution in the acquisition of residential mortgage servicing rights from another financial institution.
  • Structured an advisory board for a local financial institution.
  • Prepared memoranda related to Check 21 and requirements for legal equivalency of substitute checks.
  • Provided opinions on reporting requirements associated with interest income, CRA qualified investments, and applicable federal and local regulations to mobile banking and internet banking.
  • Prepared opinions on debt collecting via SMS/Text Messages and the applicability of Act 247 of 2010 and Act 214 of 1995.
  • Provided advice on applicable regulations for transactions with affiliates.

Expert Guidance in Today’s Complex Regulatory Environment

In today’s complex regulatory environment, financial institutions in Puerto Rico require a law firm that can provide expert guidance on banking compliance regulations. With Ferraiuoli’s Banking and Financial Services Regulation practice, clients can rest assured they have a trusted advisor to navigate the intricacies of federal and local laws and regulations.